The first time I heard them relatively optimistic sounding. Of course in the sense that they will survive, not that they will ever pay us back.
Financially the casino is still in red but the rapid deterioration of the previous years seems to have been stopped.
One year from now they will be finished paying the tribe's lease for some property the tribe acquired several years ago. The lease payment was $232 thousand per month approximately 1/4 of what they should be paying the bondholders in interest.
With that payment behind them and with the likely reduced future payments to the county (MOA currently being renegotiated) and stable casino "performance" they should be above the water .
With one thing still weighting them down though, their old debt.
For as long as the debt situation is not resolved their finances will be under control of the trustee (UMB Bank) and their lawyers. They, the trustee will collect everything the casino will ever bring and only pay them back the minimum required to operate (plus the required tribe payments) with all the surplus going in principle to the bondholders.
In principle only because that surplus will be first used to pay the trustee and their lawyers. And they do not come cheap. So far they collected $1.6 million, the money that could be instead paid to the bondholders if the old bonds were restructured. And will continue paying themselves close to a million a year for as long as the issue is not resolved.
Thus the restructuring is critical, the sooner the better. But easy it will not be, the trustee obviously has no interest in resolving the situation and the bondholders will have hard time accepting any haircut not recognizing that not accepting such a haircut will cost them almost a million a year.
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